Author Topic: Loan sharks rake millions on delayed bonus, salaries  (Read 514 times)

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Loan sharks rake millions on delayed bonus, salaries
« on: January 18, 2017, 03:30:38 PM »
Loan sharks rake millions on delayed bonus, salaries
Published: December 10, 2006 by The Bohol Standard

Capitol loan sharks are feasting on the estimated P16-million bonus and extra cash gifts intended for the provincial government employees this Christmas season.

“Bonus, cash gift. Hagbay rang nahurot bisan ug wa pa namo madawat (it has been long gone even before we received it),” Capitol employees said.

Usurers operating inside the Capitol premises are “buying” these bonuses and cash gifts, including salaries of casuals at a discounted amount of up to 10%.

A cash gift of P5,000 is paid in advance by these loan shark with only P4,000. Another 10% is deducted if the period exceeds the one month limit.

Gov. Erico Aumentado had earlier ordered a stop of operation of these loan sharks within the premises of the Capitol complex. The order has been disregarded as the illegal lending business continue unabated.

Reports say these practice is being tolerated by the provincial treasurer’s office and some cashiers are allegedly, acting as collectors by automatically deducting the loan amount from employees’ pay slip.

Shouting incidents inside the treasurer’s office has been reported resulting from complaints of employees on the unauthorized deductions made on their salaries.

These usurers are conspicuously seen on paydays and are identifiable with their bulging shoulder bags and a notebook on hand with list of borrowers.

These women have made as their office the cashier’s window and allegedly get cue from the teller, who gives information of payrolls ready for payment.

Financiers of these illegal lending operations are allegedly high Capitol officials, a source said.

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